Weber & Associates CPAs, LLC Certified Public Accountants

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1 FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS Michelangelo MX: Large Cap Equity Fund FINANCIAL STATEMENTS IN LIQUIDATION with INDEPENDENT AUDITORS' REPORT for the period January 1, 2016 through June 14, 2016 Weber & Associates CPAs, LLC Certified Public Accountants

2 CONTENTS Page Independent Auditors' Report 1-2 Statement of Assets and Liabilities in Liquidation 3 Statement of Operations in Liquidation 4 Statement of Changes in Net Assets in Liquidation 5 Notes to Financial Statements in Liquidation 6-7

3 Weber & Associates CPAs, LLC Certified Public Accountants Thomas A. Weber Michael Coakley Gabriela Fedmasu Suite 1B, 314 N. Lake St. Aurora, IL Fax: INDEPENDENT AUDITORS' REPORT To the Board of Directors and Participants First American Bank Trust for Employee Benefit Plans Michelangelo MX: Large Cap Equity Fund Elk Grove Village, Illinois We have audited the accompanying financial statements of the First American Bank Trust for Employee Benefit Plans - Michelangelo MX: Large Cap Equity Fund, which comprise the statement of assets and liabilities in liquidation as of June 14, 2016, and the related statements of operations and changes in net assets in liquidation for the period January 1, 2016 through June 14, 2016, and the related notes to the financial statements in liquidation. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. 1

4 In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the First American Bank Trust for Employee Benefit Plans - Michelangelo MX: Large Cap Equity Fund (the "Fund") as of June 14, 2016, and the results of its operations and changes in its net assets for the period from January 1, 2016 through June 14, 2016 in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As described in Note 1 to the financial statements the Common Trust Fund Oversight Committee authorized to commerce liquidation of the First American Bank Trust for Employee Benefit Plans - Michelangelo MX: Large Cap Equity Fund on May 3, U.S. generally accepted accounting principles requires an entity that no longer intends to operate as a going concern to use the liquidation basis of accounting. As a result, the Fund has changed its basis of accounting from the going concern basis to the liquidation basis as of May 3, Aurora, Illinois May 2,

5 STATEMENT OF ASSETS AND LIABILITIES IN LIQUIDATION June 14, 2016 Assets Accrued income receivable $ 3,064 Liabilities Accrued expenses 3,064 Net assets $ - Units outstanding - See accompanying notes to financial statements in liquidation. 3

6 STATEMENT OF OPERATIONS IN LIQUIDATION for the period January 1, 2016 through June 14, 2016 Investment income Interest and dividend income $ 130,756 Expenses Investment management fees 70,364 Foreign withholding tax 1,464 71,828 Net investment income 58,928 Realized and unrealized gain (loss) on investments Net realized gain from investment transactions 6,552,704 Net change in unrealized depreciation of investments (7,760,179) Net loss on investments (1,207,475) Net decrease in net assets resulting from operations $ (1,148,547) See accompanying notes to financial statements in liquidation. 4

7 STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION for the period January 1, 2016 through June 14, 2016 Decrease in net assets resulting from operations Net investment income $ 58,928 Net realized gain from investment transactions 6,552,704 Net change in unrealized depreciation of investments (7,760,179) Net decrease in net assets resulting from operations (1,148,547) Decrease in net assets resulting from participants' transactions Net proceeds from issuance of units (25,513 units) 353,181 Cost of units redeemed (1,816,084 units) (25,676,275) Net decrease in net assets resulting from participants' transactions (25,323,094) Decrease in net assets (26,471,641) Net assets Beginning of period 26,471,641 End of period $ - See accompanying notes to financial statements in liquidation. 5

8 NOTES TO FINANCIAL STATEMENTS IN LIQUIDATION June 14, NATURE OF ACTIVITIES First American Bank (Trustee) Trust for Employee Benefit Plans - Michelangelo MX: Large Cap Equity Fund (Fund) was established as a collective trust fund on June 1, 2000, in accordance with the Illinois Common Trust Fund Act. The Fund only accepted qualified employee benefit plans and qualified governmental plans as participants. On May 3, 2016, the Common Trust Fund Oversight Committee approved the liquidation of the Fund, and the Fund changed its basis of accounting to the liquidation basis of accounting. Effective May 11, 2016, the Fund disposed of all its securities. On June 14, 2016, all participant units were redeemed from the Fund. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting On May 3, 2016 the Fund changed its basis of accounting from the going concern basis to the liquidation basis of accounting as the Fund does not intend to continue as a going concern. Investments At June 14, 2016, the Fund was not invested in any securities. Units Issued, Redemptions and Distributions The net asset value of the Fund was determined daily. Units were issued and redeemed only at that time, at the per-unit net asset value. Participant funds realized a gain or loss at the time of withdrawal based on the difference between their admission unit value and the unit value at the time of withdrawal. Income Taxes The Fund is a common trust fund exempt from taxation under the Internal Revenue Code and Illinois Income Tax Act. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 6

9 NOTES TO FINANCIAL STATEMENTS IN LIQUIDATION June 14, RELATED PARTY TRANSACTIONS Management Fees In accordance with the Plan, the Trustee may charge the Fund for expenses incurred. Certain fund expenses may be borne by the Trustee. The First American Bank trust department assessed a management fee, computed at an annual rate of 0.75% of the Fund's market value. 4. INVESTMENT TRANSACTIONS Cost of purchases and proceeds of sales of securities for the period January 1, 2016 through June 14, 2016 were $1,916,909 and $27,071,506, respectively. 5. FINANCIAL HIGHLIGHTS December 31, Per Unit Operating Performance Net asset value, beginning of period $ $ Income from investment operations Net investment income Net realized and unrealized gain (loss) on investment transactions (14.85) (0.56) Total from investment operations (14.78) (0.48) Net asset value, end of period $ (0.00) $ Total Return -8.68% -2.72% Ratios as a Percentage of Average Net Assets Investment income 0.99% 1.34% Realized and unrealized gain (loss) -9.12% -3.28% Expenses 0.54% 0.79% 6. SUBSEQUENT EVENTS The Fund's management has evaluated subsequent events through May 2, 2017, the date the financial statements were available to be issued. 7